Tennant Mines produced 15,560oz in FY26 H1, including gold-equivalent ounces from copper concentrate sales, and achieved steady-state processing throughput during the period.
The integration process has been deliberately phased, focusing on technical validation, plant optimisation, and operational stability before pursuing volume acceleration. During H1, feedstock consisted largely of lower-grade stockpiles. In H2, higher-grade open-pit ore is expected to replace this material, with recovered grades projected to increase from approximately 1.15g/t to 2.22g/t. Increased gold production will reduce unit cost of production going forward.
Management has guided toward H2 production of approximately 30,000oz, positioning Tennant as a meaningful contributor to Group output and cash flow in the second half.
Strategically, Tennant establishes Pan African Resources’ second operating region, diversifying jurisdictional exposure while maintaining disciplined capital sequencing. For investors assessing execution risk in new jurisdictions, the emphasis remains clear: throughput stabilised first, grade uplift second, volume growth third. An exciting growth pipeline has been mapped out for the next 3 years, with the right capital allocation at the right time. There is a land package of 1700 square kilometers to explore, and early exploration work has already found 10 prospective targets.